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Intangible Assets | 6 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Wireless licenses are considered indefinite-lived intangible assets. Indefinite-lived intangible assets are not subject to amortization but instead are tested for impairment annually, or more frequently if an event indicates that the asset might be impaired. There were no impairment charges related to the Company’s indefinite-lived intangible assets during the three and six months ended September 30, 2025 and 2024. Intangible assets consist of the following activity for the six months ended September 30, 2025 and 2024 (in thousands):
| Six months ended September 30,
| 2025 |  | 2024
Balance at the beginning of period | $ | 228,983 |  | $ | 216,743
Acquisitions | 19,216 |  | 5,027
Sale of intangible assets | (16,397) |  | —
Exchanges - licenses received | 115,032 |  | 126
Exchanges - licenses surrendered | (21,514) |  |  | (33) |
Balance at the end of period | $ | 325,320 |  | $ | 221,863
Purchases of intangible assets, including refundable deposits, retuning costs and swaps During the six months ended September 30, 2025 and 2024, the Company entered into agreements with several third parties in multiple U.S. markets to acquire, retune or swap wireless licenses for cash consideration (“deals”) and made Anti-Windfall Payments to the U.S. Treasury Department. The initial deposits to incumbents are recorded as spectrum receivable on the Company’s Consolidated Balance Sheets and are refundable if the FCC does not approve the sale, retuning or swap of the spectrum. The initial deposits are transferred to deferred broadband costs or intangible assets on the Company’s Consolidated Balance Sheets, as applicable, upon meeting the relevant deal milestones. The final payments related to closed retuning or swap deals are recorded as deferred broadband costs on the Company’s Consolidated Balance Sheets. The final payments for license purchases or Anti-Windfall Payments are recorded as intangible assets on the Company’s Consolidated Balance Sheets. Broadband License Exchanges At times, the Company exchanges its narrowband licenses for broadband licenses related to spectrum agreements. Upon receipt of FCC approval, the spectrum licenses acquired as part of an exchange of nonmonetary assets are recorded at their new accounting cost basis as of the exchange date (i.e., the lower of the 600 MHz auction or estimated contract price). The difference between the accounting cost basis of the spectrum licenses obtained, carrying value of the spectrum licenses transferred and cash paid, if any, is recognized as a gain or loss on exchange of intangible assets reported separately on the Company’s Consolidated Statements of Operations. During the six months ended September 30, 2025, the FCC granted the Company broadband licenses for 161 counties. The Company recorded the new broadband licenses at their accounting cost basis of approximately $115.0 million. In connection with receiving the broadband licenses, the Company disposed of $21.5 million, related to the value ascribed to the narrowband licenses it relinquished to the FCC for the same 161 counties. The total carrying value of the narrowband licenses included the cost to acquire the original narrowband licenses, Anti-Windfall Payments paid to cover the shortfall in each county and the clearing costs. As a result of the exchange of narrowband licenses for broadband licenses, the Company recorded a gain on exchange of intangible assets of $59.6 million and $93.5 million for the three and six months ended September 30, 2025, respectively. During the six months ended September 30, 2024, the FCC granted the Company a broadband license for one county. The Company recorded the new broadband license at its accounting cost basis of approximately $0.1 million. In connection with receiving the broadband license, the Company disposed of a de minimis amount related to the value ascribed to the narrowband license it relinquished to the FCC for the same one county. The total carrying value of the narrowband license included the cost to acquire the original narrowband license, Anti-Windfall Payments paid to cover the shortfall in this county and the clearing costs. The Company did not have any exchanges for the three months ended September 30, 2024. The Company recorded a gain on exchange of intangible assets of $0.1 million for the six months ended September 30, 2024. Broadband License Sale During the six months ended September 30, 2025, the Company transferred to LCRA the 900 MHz Broadband Spectrum and associated broadband licenses related to 50 counties for the total consideration of $28.5 million. The total consideration included a milestone payment of $13.6 million received as of September 30, 2025 and $14.9 million reduction of contingent liability. As a result, the Company recognized a reduction in intangible assets of $14.9 million and $16.1 million for the three and six months ended September 30, 2025, respectively. The Company also recorded a $11.5 million and $12.4 million gain on sale of intangible assets for the three and six months ended September 30, 2025, respectively. During the six months ended September 30, 2025, the Company transferred to Oncor Electric Delivery Company LLC (“Oncor”) the 900 MHz Broadband Spectrum and associated broadband licenses related to three counties for the total consideration of $0.3 million which was received in May 2025. As a result, the Company recognized a reduction in intangible assets of $0.3 million and recorded an $8 thousand gain on sale of intangible assets for the six months ended September 30, 2025. During the six months ended September 30, 2024, the Company did not transfer any 900 MHz Broadband Spectrum and associated broadband licenses. As a result, the Company did not recognize a reduction in intangible assets or record any gain on sale of intangible assets for the three and six months ended September 30, 2024, respectively.

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